Federal Reserve Chair Jerome Powell is currently attending the inaugural meeting of the Canada Institute's flagship economic initiative: the Washington Forum on the Canadian Economy. This initiative, co-chaired by Bill Morneau, former Canadian Finance Minister, and Randal Quarles, ex-Vice Chair of the Federal Reserve for Supervision, is designed to deepen understanding among U.S. policymakers, business leaders, and the general public about the intricacies of the Canadian economy.
Federal Reserve Chair Jerome Powell emphasized that recent data show lack of further progress on inflation. He also highlighted the Fed's readiness to maintain the current interest rate if inflation continues to be high. He pointed out that the twelve-month Core PCE inflation rate remained relatively stable in March. Recent data suggest no significant improvement in inflation rates, despite a strong U.S. economy over the past year and a labor market that is becoming more balanced while maintaining its overall robustness. Powell's remarks indicate a cautious approach to future rate changes, maintaining the current level as necessary to manage persistent inflation.
- Fed's Powell: It is appropriate to let policy take further time to work
- Traders of rate futures reduce expectations for the Fed to cut rates more than once this year.
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